US alludes to potential removal of Swift ban on Russia
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The possibility to remove the ban on Russia could come as part of a ceasefire deal, however, such a move still requires the approval of the European Union.
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Treasury Secretary Scott Bessent speaks with reporters at the White House, on Thursday, March 13, 2025, in Washington. (AP)
The United States is alluding toward the potential return of Russia to the Swift financial system, almost 3 years after the US and allies removed several Russian banks from the global financial messaging network.
US Treasury Secretary Scott Bessent on Wednesday did not dismiss the possibility of Russia's return to the system, stating that negotiations on ending the war in Ukraine are ongoing, though any move to restart it would require backing from Europe.
“There would be a long discussion about many things in terms of the proper way to bring Russia back into the international system,” Bessent stated in a Fox News interview, adding that he thinks "this is premature to discuss the terms of a deal before we have a deal.”
"I think everything is on the table," the US Treasury Secretary continued, emphasizing that part of the national security missions of his department "is through financial operations, is through our sanctions, is through sanctioning individuals, banks, or countries.”
Russia has advocated for reconnecting one of its leading banks, Rosselkhozbank, to the system as part of a deal to implement a cease-fire in the Black Sea.
However, the European Union, which has so far been largely excluded from peace talks and whose central banks are among the institutions overseeing the SWIFT system, would ultimately need to approve the reinstatement of Russian banks.
"The end of the Russian unprovoked and unjustified aggression in Ukraine and unconditional withdrawal of all Russian military forces from the entire territory of Ukraine would be one of the main preconditions to amend or lift sanctions,” Anitta Hipper, European Commission spokesperson for foreign affairs, told Politico.
US-Russia talks on Ukraine 'useful', to continue
Earlier on March 25, a Russian negotiator stated that Russia would continue its "useful" discussions with the United States regarding the Ukraine conflict, with plans to involve the United Nations and other nations in future talks.
"We talked about everything, it was an intense dialogue, not easy, but very useful for us and the Americans," Grigory Karasin told the state TASS news agency, noting that "lots of problems were discussed."
"Of course, we are far from solving everything, from being in agreement on all points, but it seems that this type of discussion is very timely," he pointed out.
"We will continue doing it, adding in the international community, above all the United Nations and certain countries," Karasin said.
He further added, "In general, the impression was of a constructive dialogue, which is needed and necessary. The Americans are also interested in this."
His remarks followed 12 hours of negotiations between US and Russian delegations in Saudi Arabia.
